EURSGD report for swing/day trades #6
EURSGD swing look for short continuation
Analysis for swing traders
Current trend is up-down-up so the next swing direction is down. Swing traders look for swing short with down continuation since Feb. Overhead shadows 1 2 and 3. Look at notes below for explanation on shadow.
Analysis for day traders
Day traders look for long continuation in line with current white week candle.
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Previous report #5 on EURAUD EURNZD here.
Notes: states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.